Canadian households saw their net work drop by $1 trillion in Q2, the largest quarterly decline in history.
Canadian household debt is climbing much faster than income, and that’s going to limit their ability to respond in a crisis.
Top stories in Canadian real estate include a hard landing for the economy, and real estate’s unsustainable growth according to the BoC.
Canadian employment fell once again in July, falling for a third consecutive month. The unemployment rate also jumped, but remains low.
Canadian real estate was unsustainable and inflation is still rising, warned the Bank of Canada in a statement following rate hikes.
Canada’s M1+, a narrow measure of its money supply, is seeing growth fall at a rate that almost always precedes a recession.
This week’s top stories include two “Big Six” banks sharing a worsening outlook for Canadian real estate and Toronto prices plummeting.
Canada’s economy was a little less dependent on real estate in the last quarter, but still nearly 30% more dependent than the US in 2006.
This week’s top stories include a “Big Six” bank warning Canada’s real estate correction is just getting started & big inflation revisions.
Canadian core inflation, the BoC’s preferred measure, was revised twice in two months, supporting rate hikes months before they began.